Almost every venture in the current century is following a digital trend. Business entities and corporations have adopted digital ways of doing things to increase efficiency and rake in profits. The wealth management field is no exception; lots of impressive digital innovations have been rolled out. These innovations have proved to be highly effective, with everyone looking for ways to grow wealth while minimizing risks and cutting costs.
Digital innovations in wealth management mean the creation of automated tools to make this venture better. Digital innovations in wealth management can be reflected in the following trends:
- Robo-advisors
- Digital brokers
- Robo-retirement
- Portfolio management
- Micro-Investment
Robo-Advisers
Robot-advisers is arguably the most popular digital innovation in wealth management and financial investments. These are a replacement for traditional financial and wealth managers. They help offer wealth management advice to low-budget entities and individuals that may not afford the cost of traditional advisors. This way, such individuals and enterprises can have the necessary information to access and navigate the market.
Robo-advisors automate financial investments through machine-learning algorithms based on a user's information such as income, age, and risk aversion profile. With a user's critical data, a robot-advisor can offer dependable financial insight.
Digital Brokers
Digital brokers are a reliable source of stock market information and place opportunities at the disposal of investors. Among the notable inventions in this sphere is social trading, which enables investors to follow their ventures like Facebook status updates. Investors can stay in contact and learn from each other. An investor can even copy the portfolio of another successful investor and adopt it in their enterprise.
Robo-Retirement
Like Robo-advisors, Robo-retirement is automated algorithms that help individuals to manage their retirement savings. With collected user information, a Robo-retirement can advise a user how best to invest their savings in a bid to get returns.
Portfolio Management
Portfolio management comes in handy to help investors and financial advisors to manage their investment portfolios in a single platform. This way, investors can track the progress of their ventures and optimize their portfolios should need to arise. An excellent example of such a platform is Einvestment, which monitors financial health while offering helpful insights.
Micro-Investment
These are platforms that enable investors to invest commission-free money into small enterprises but with dependable returns. They dispose of the notion of the need to invest in large entities to earn…
